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Nigerian shares climbed in the direction of a four-year excessive on Wednesday, after Dangote Cement, Nigeria’s greatest listed firm, introduced plans to purchase again shares subsequent week.
The all-share index gained 1.16% to 44 367 factors, a stage final reached in February 2018.
Dangote Cement rose 6.18% to 275 naira, valuing the cement group at 4.675 trillion naira ($11.29 billion).
The cement maker has stated it goals to purchase again as much as 10% of its share capital in a variety of tranches.
Dangote is majority-owned by Africa’s richest man Aliko Dangote and the corporate accounts for a 3rd of the native inventory market’s worth.
Dangote Cement stated on Wednesday it can purchase again as much as 170 million shares, or 1% of its issued shares, over two-days from January 19.
It had purchased 40.2 million shares in December 2020 at 243.02 naira, the primary tranche of its buyback programme to return money to shareholders.
The corporate stated it can monitor market circumstances in deciding on additional tranches of the buyback programme.
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